Coinbase is incentivizing its users to convert their Tether (USDT) holdings for USD Coin (USDC), according to a Dec. 8 blog post. Switch to a trusted stablecoin: USD Coin (USDC). Now convert Tether (USDT) to USDC with zero fees.https://t.co/OObSqNWdpj — Coinbase (@coinbase) December 8, 2022 According to the US-based exchange, recent events have shown that…
Reflexity Research cofounder Will Clemente tweeted on Dec. 5 that stablecoins were one of the few crypto use cases that have found product market fit despite the current market condition. Stablecoin aggregate volume reaches ATH Citing Glassnode data, Clemente said stablecoin’s growth was evident in several areas. This included the aggregate volume reaching an all-time…
General partner at Fenbushi capital Bo Shen tweeted on Nov. 23 that malicious players stole $42 million from his personal wallet on Nov. 10. A total of 42M worth of crypto assets, including 38M in USDC were stolen from my personal wallet ending in 894 in the early morning of November 10 EST. The stolen…
The issuers of the two largest stablecoins, Tether and Circle, have distanced themselves from the FTX situation, saying they have no exposure to the struggling crypto exchange or Alameda Research. Tether distances self Tether’s CTO Paolo Ardoino said in response to a Wu Blockchain tweet that the USDT issuer had no exposure to FTX or…
Binance USD (BUSD) is the best-performing stablecoin among the top three stablecoins, as its supply dominance increased by 6% on the year-to-date metrics to 16%. The Binance-backed stablecoin has seen its supply grow from $18 billion at the start of the year to $22 billion as of press time. Its growth was largely pushed by…
The crypto community fears FTX might cause another Terra-like crash after the stablecoin reserves on the exchange fell significantly over the last 24 hours. FTX stablecoin outflow leads other exchanges As reported by The Data Nerd, Nansen data shows that FTX stablecoin outflow was the highest among exchanges over the last seven days. According to…
Often an overlooked part of the cryptocurrency market, stablecoins can be used to determine the current state of the market. Stablecoin balance on exchanges represents “dry powder,” or idle liquidity that can become a strong driving force in the market. The total stablecoin balance on exchanges has only recently become a significant factor in the…
Circle CEO Jeremy Allaire said Binance’s decision to convert its users’ USD Coin (USDC) holdings to its Binance USD (BUSD)stablecoin is good. Helpful perspective from @wintermute_t , which is spot on. Converged dollar books on Binance — now same as on FTX and Coinbase — is a good thing. USDC utility just increased. https://t.co/QWfMx7f1cZ —…
Binance has revealed that it would remove USD Coin (USDC), TrueUSD (TUSD), and Paxos Standard (USDP) as tradeable assets on its platform and convert its users’ balance in these stablecoins to Binance USD (BUSD) by Sept. 29. According to Binance, the move is geared toward enhancing liquidity and capital efficiency for its users. The Changpeng…
Tether’s CTO Paolo Ardoino has identified an increase in USDTs market supply over the last 30 days compared to its rival USDC, which declined over the same period. Why no one is talking about it? 🤖 pic.twitter.com/SEAChZZeLO — Paolo Ardoino 🕳🥊 (@paoloardoino) August 14, 2022 USDT vs. USDC Coingecko data showed that USDT’s supply rose…